Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet at midday following the last two days of light to moderate business.  Asking prices for cattle left on showlists are around $140 live in the South and $225 dressed in the North.  It’s likely the bulk of the week’s business has wrapped up, but a little clean-up trade before the end of the day wouldn’t be a surprise.  For the week Southern live trade has been at mostly $138 live, fully steady with the bulk of the previous week’s business.  Northern dressed deals had a wide range – from $219 to $228, mostly $222 to $225, is roughly $1 to $4 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef was mixed at midday on light to moderate demand for moderate offerings.  Choice is $.96 lower at $267.43 and Select is $.71 higher at $263.05.  The Choice/Select spread is $4.38. 

At the Mitchell Livestock Auction in South Dakota, compared to last week there was a lower undertone noted on steers up to 700 pounds.  Steers 750 to 850 pounds were unevenly steady, steers 850 pounds and up were $2 to $4 higher.  There was also a lower undertone noted on heifers up to 700 pounds.  Heifers 700 to 800 pounds were $5 to $8 lower, and heifers 800 pounds and up were steady to $4 higher.  The USDA says demand was good.  There were many large load lots in the day’s offering.  Receipts were down on the week and the year.  Feeder supply included 54% steers and 94% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 851 to 878 pounds brought $147.25 to $155.25 and feeder steers 972 to 999 pounds brought $142.25 to $149.25.  Medium and Large 1 feeder heifers 701 to 748 pounds brought $144 to $154.50 and feeder heifers 759 to 799 pounds brought $137 to $147.75. 

Cash hog prices had no comparison but with moderate negotiated purchases.  Processors have been moving their desired numbers this week at lower prices and haven’t needed to get aggressive in their procurement efforts.  The industry continues to monitor the availability of market-ready hogs.  And while strong demand on both the global market and domestically has helped provide price support, there are lingering long-term concerns adding pressure to prices. Barrows and gilts at the National Daily Direct have a base range of $98 to $107 with a weighted average of $100.53; the Iowa/Minnesota and the Western Corn Belt both had a weighted average of $105.06.  Prices at the Eastern Corn Belt were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $80. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $78 to $89.  Barrows and gilts were steady with moderate demand for moderate offerings at $66 to $73.  Boars ranged from $40 to $45 and $20 to $25. 

Pork values are lower at midday – down $1.62 at $106.10.  Bellies dropped nearly $21 at midday.  Loins were also lower.  Ribs, picnics, hams, and butts higher to sharply higher.